Kittrell Paycard, a provider of payroll card solutions, is integrating a solution for employees to receive funds more quickly.
A press release by Kittrell Paycard partner Cardplatforms on Tuesday (March 27) said Kittrell is integrating InstantWage on all of its payroll cards. The solution enables cardholders to transfer a portion of their wages onto their payroll cards before payday. According to the companies, the InstantWage feature supports employees that face unexpected expenses or short-term cash volatility, offering them an alternative to payday loans.
Funds are provided to the employer to pass onto the payroll cards, Kittrell explained. Fees associated with the solution are charged via the employer’s InstantWage Master Funding Account.
Financial stress, the companies noted, not only affects employees. The firms said employees struggling with cash flow challenges are less productive at work, are more likely to call out sick and are more likely to seek employment elsewhere — all factors that impact the employer.
“We believe InstantWage will prove to be a great competitive advantage for our clients, as it will help them increase productivity and attract the best team members,” said Kittrell Paycard CEO Mary Kittrell-Kinkaid in a statement. “For our hardworking cardholders, InstantWage is a powerful financial wellness tool that will make a difference in their lives instead of pushing them into a vicious cycle of re-borrowing.”
The feature will be immediately available to all payroll cards via Kittrell’s network of staffing company clients. According to Kittrell, that includes tens of thousands of employees in the U.S.
Payroll technology firms are increasingly exploring faster access to wages.
Earlier this month, global payments provider Hyperwallet announced a collaboration with recruitment platform tilr, which will see tilr linking workers that use its platform to a prepaid payroll card. The integration is part of tilr’s broader push to provide daily payouts to workers on its platform.